Daily Update - 23rd April 2020
GBP Consumer Price Index remained as expected and did not do support the sterling pound. Finally, to conclude the Day US Crude Oil Inventories were released which did results positive which Supported the Dollar on the latter part of the session. Busy day for forex market as the day will be full of major economic data coming from Britain, Euro Zone and USA. First up will be Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending which accounts for the majority of overall economic activity, also followed by data such as Composite PMI, Manufacturing PMI, Services PMI. This also will be followed by German Manufacturing Purchasing Managers Index measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. Day will end with New Home Sales data from US which is a measure of the information related the US Housing Market. Yesterday’s Market
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Today’s Market
Today’s explained
